Usually, we’d see a Birkin or a Luggage Tote and say goals, but that is not the vibe in the retail industry right now. Luxury houses are always setting trends, but they aren’t meeting the sales goals they’ve set.

BoF reported today that Hermes gave up on their sales forecast as a goal they could meet, and Richemont (the big firm that owns brands like Cartier) said that their first-half profit for operations declined by 45%.

That’s almost half. Let that sink in.

So what’s really going on? There’s definitely less of an emphasis on luxury goods in China (not good for retailers), there have been social and currency issues in Europe, and millennials in general are spending less on high ticket items. Put all those things together, and you’ve got a bad combo for brands across the industry.

We doubt that most of them are going anywhere any time soon, but definitely something to watch.